Gasoline

Gasoline Prices Fall to $3.12 Per Gallon

The average price of a gallon of unleaded gasoline has fallen to a level not seen in almost four years, as it now costs an average of $3.12 per gallon, according to federal data.

The average price fell 8.7 cents for the week of Oct. 20 to reach a level not seen since it reached $3.11 on Jan. 31, 2011, according to the U.S. Energy Information Administration. The price is now 24 cents cheaper than a year ago.

The price of gasoline fell in all nine regions tracked by the agency, and saw a decline of at least 10 cents in four of the regions. The sharpest decline came in the West Coast without California where the price fell 11.7 cents to $3.311. The West Coast, Lower Atlantic, and East Coast also saw at least a 10-cent fall.

The average price of gasoline now costs at least $3.50 in only three states, including Hawaii ($4.084), Alaska ($3.801), and California ($3.502), according to the AAA's Daily Fuel Gauge Report.

Meanwhile, the average price of diesel fell 4.2 cents to $3.656 per gallon for the week. Diesel now costs 23 cents less than it did a year ago.

The average fuel economy of new vehicles sold in the U.S. in December fell to 25 mpg — down 0.2 mpg from a revised November value, according to Brandon Schoettle and Michael Sivak, researchers from the University of Michigan's Transportation Research Institute (UMTRI).

The national average price of unleaded gasoline jumped 5 cents to $2.49 per gallon in the first week of 2018 and has reached a level not seen since 2014 during the week that starts the new year, according to AAA.

China is setting a deadline for automakers to end the sale of fossil-fuel powered vehicles as the country looks to reduce oil consumption and pollution and push for the development of electric vehicles. Regulators are working on a timetable for the ban.

The average national price of gasoline remained at $2.29 per gallon for the week ending March 27 amid discussion by the Organization of the Petroleum Exporting Countries (OPEC) to extend a production cut by another six months.